Fitch rates Hudco BBB-

Fitch Ratings said it assigned long-term foreign-currency and local-currency issuer default ratings of BBB- to Housing and Urban Development Corp. Ltd. (Hudco).

The outlook is stable.

The company is regulated by the National Housing Bank and under the administrative control of India's Ministry of Housing and Urban Affairs, the agency said.

The company's key mission is to support the construction of affordable housing for lower-income households and the development of non-commercial urban infrastructure, Fitch said.

The agency said it classifies Hudco as a government-related entity that is credit linked to the Indian sovereign.

This is attributable to an assessment of the entity's strong legal status, control and oversight, very strong level of historical financial support and very strong socio-political and financial implications of a potential default, Fitch explained.

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